Randall & Quilter Investment Holdings (R&Q) has acquired the United States Sports Insurance Company (USSIC), a wholly owned captive of USA Swimming.
USSIC, which is in run-off, had a total net asset value of $5.3 million as of 30 June this year. In addition, the company totalled an income of $0.97 million as of year-end 2015.
To acquire USSIC, the total consideration paid by R&Q was $2.1 million, financed by a draw down on the group’s revolving credit facility with the Royal Bank of Scotland.
The captive, originally domiciled in Barbados, redomiciled to Washington DC, effective 31 December 2014.
USSIC reinsured a US company, which provided coverage to USA Swimming as well as its local swimming committees and clubs, throughout the US from 1988 to year-end 2013.
The directors of USSIC will be appointed from R&Q existing staff in the US and Bermuda.
Ken Randall, chairman and CEO of R&Q, commented: “We are delighted to complete the acquisition of USSIC. This transaction demonstrates our ongoing commitment to continue to acquire legacy insurance assets and also continues to expand our acquisition activity in the North America, Bermuda and the Caribbean region.”
